Balanced Scorecard Dashboard – Adding Value to BI

Balanced Scorecard Dashboard – Adding Value to BI

Balanced scorecards help organizations to achieve their business objectives and execute key strategies. Balanced scorecards give you a quick way to measure KPIs and provide a balanced view of how well organizations are performing. The aim is to balance the strategic goals and overall vision of your organization by identifying, measuring, and managing different business perspectives. In this article, we will see four different business perspectives and monitor them through a balanced scorecard created using Bold BI.

Bold BI’s Sample Dashboard for Balanced Scorecards
Bold BI’s Sample Dashboard for Balanced Scorecards

Defining four business perspectives

The following are the four business perspectives we are going to discuss:

There is an interconnected hierarchy ranging from financial goals to customers, processes and then learning and growth. Each of these perspectives focuses on a different side of your organization, providing a good overview of what your organization tries to achieve.

Let’ see each perspective and how it is monitored using Bold BI dashboards.

Financial business perspective

A business’s financial perspective is a major focus of a balanced scorecard. It helps you understand the lagging indicators of past decisions. They are still an important part of an organization’s financial health and key to understanding overall performance and creating strategies for the future. To succeed financially and achieve goals, you should be answering these questions:

  • Are your shareholders happy?
  • How should shareholders view us?

You can achieve your goals through satisfying the needs of your customer. Shareholders should be happy when the company is continually generating revenue and increasing profitability.

The following image shows the card and grid widgets to compare current and past organization growth values.

Financial Business Perspective for Balanced Scorecards
Financial Business Perspective for Balanced Scorecards

In the grid, the values between 50 and 70 percent are displayed as yellow and values over 70 percent are green using conditional formatting.

Customer perspective

The customer perspective focuses on the level of customer satisfaction with your company’s products or services. It helps you focus on finding new customers, building brand recognition and trust, and increasing customer satisfaction. It shows what is important to customers and stakeholders. You should be answering these questions about customer satisfaction:

  • How are you keeping your existing customers happy?
  • How is your company product thought of by consumers compared to your competitors?
  • How should our customers think of us?

Customer satisfaction is a good an indicator of a company’s success. How well you treat your customers can obviously affect your business profitability.

The following screenshot shows customer experience values comparing the current score with a past score.

Customer Perspective for Balanced Scorecards
Customer Perspective for Balanced Scorecards

Internal business processes perspective

The internal process perspective helps you determine how well your company is running, which can help you make your business run more effectively. It focuses on how internal processes are operating in the organization. It helps you identify the gaps, delays, or bottlenecks in the processes that need to be addressed.

The following image visualizes the internal business process values comparing the current score with a past score.

Internal Business Processes Perspective for Balanced Scorecards
Internal Business Processes Perspective for Balanced Scorecards

Learning and growth perspective

The learning and growth perspective identifies an organization’s performance through the lens of human capital, culture, technology, and infrastructure. This perspective considers how well information and knowledge are captured and utilized by employees to give their company a competitive advantage.

Learning and Growth Perspective for Balanced Scorecards
Learning and Growth Perspective for Balanced Scorecards

The previous screenshot shows the employees’ capabilities and achieved thought leadership with current and previous scores.

Now let’s see how to configure KPI cards and the grid widget in a Bold BI dashboard.

Widgets configuration

You can drag the KPI card control icon and grid icon from the toolbox into the design panel. You can find the control in the toolbox by searching. If required, resize the widgets.

Drag and Drop the Widget
Drag and Drop the Widget

Let’s see how to configure data in the KPI card.

How to configure the data in a KPI card

A KPI card can be used to compare values using a formula. It can be either two completely different values or the same value at two different times. A KPI card allows you to measure trends through key performance indicators (KPIs) like values and goals. The key metrics, such as revenue versus investment, target versus current value, and stocks versus demand are generally displayed in the KPI card widget.

To configure the KPI card widget, you have to follow these steps:

  1. Click the settings icon in the top-right corner of the KPI card widget to open the properties pane.
Expanded View of Properties Pane
Expanded View of Properties Pane
  1. Click ASSIGN DATA. The data pane will open with a list of available measures and dimensions from the added data sources. Drag the required fields into the Actual Value and Target Value sections. Now, the KPI card widget will be rendered.
Assign Values in KPI Card
Assign Values in KPI Card
  1. You can show or hide the values in the KPI card widget through the properties pane. You can change the title and show or hide the values in it. Please refer to this link for more details on the KPI card widget.
Show or Hide the Values in a KPI Card
Show or Hide the Values in a KPI Card

Let’s see how to configure data to the grid widget.

How to configure the values in a grid

The grid widget allows you to showcase ranked relationships by a vertical arrangement of items ordered from top to bottom. It is very useful for generating complex, grid-based reports with rich formatting.

To configure the grid widget, follow these:

  1. Click the settings option in the top-right part of the grid widget and go to the Assign Data
Assign Data Section in Grid
Assign Data Section in Grid
  1. Drag and drop the required values in the grid widget.
Assign Values in Grid
Assign Values in Grid
  1. To apply value-based conditional formatting, go to the properties section. Select the column and click Advanced Settings.
Conditional Formatting in Properties Pane
Conditional Formatting in Properties Pane
  1. Now the conditional formatting dialog will open, as in the following image.
Conditional Formatting with “Gradient” Type
Conditional Formatting with “Gradient” Type
  1. Click Rule and apply the value-based condition in it with foreground values.
Conditional Formatting with “Rule” Type
Conditional Formatting with “Rule” Type
  1. Once you’ve applied the conditional formatting, the grid will show the values.
After Applying Conditional Formatting in the Grid
After Applying Conditional Formatting in the Grid

Refer to this link for more details about the conditional formatting in the grid widget.

In the previous steps, we configured the grid and KPI card for the financial perspective, but the same steps are applicable for the other three perspectives, also.

Conclusion

We hope this blog article provided valuable information about creating balanced scorecards for four different business perspectives. You can get a free 30-minute demo with our experts about creating dashboards and any other features you would like learn more about in Bold BI. You can also contact us by submitting your questions through the Bold BI website or, if you already have an account, you can log in.

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December 31, 2020 4 min read

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